NVC COMPLETES FIRST ROUND ACQUISITIONS
Written on the 1 October 2015
BRISBANE veterinary newcomer National Veterinary Care (ASX: NVL) has completed its acquisition of 34 clinics, less than two months after listing on the ASX.
NVC is starting its journey out of a clinic in Albion, Brisbane. Investor funds raised through its IPO were directed towards the purchase of these 34 clinics.
This totals acquisition costs to date at $46.88 million in cash and shares.
In an announcement to the ASX, NVC said this initial portfolio of businesses was complete following the settlement of Bathurst Veterinary Hospital.
Since listing, one of the proposed acquisitions fell through, which had already been disclosed on September 18.
NVC previously told Brisbane Business News that it aims to acquire another 10 clinics in its first year and 15 per year after that.
The company's roll up strategy involves steering clear of the retail sector, an area the 125 clinic-strong Brisbane-based Greencross (ASX: GXL) is increasingly focusing more on.
Pictured: NVC chairperson Susan Forrester and NVC CEO Tomas Steenackers